HOSPITALITY
Minor's profit gains on rise of 80% in hotel operations
- Published: 23/02/2013 at 12:00 AM
- Newspaper section: Business
Minor International (MINT) reported a jump of 151% in its fourth-quarter net profit to 1.18 billion baht.
For the full year, Minor posted net profit growth of 78% to 3.4 billion baht excluding an extraordinary gain on the reclassification of an investment in the S&P 500, netted off with a one-time goodwill impairment for investment in China in 2011.
Including the one-time items in 2011, net profit increased by 18% in 2012.
In addition, Minor's board approved a dividend of 30 satang a share for 2012 operations, subject to the approval of shareholders at the annual general meeting on April 3.The increase in core net profit was attributed to improvement in the performance of the hospitality, restaurant and retail trading businesses as well as the full consolidation of Oaks Hotels and Resorts in Australia after acquisition in June 2011.
Net profit in the hospitality business gained 80%, driven by improved performance in hotel operations.
Shares of MINT closed yesterday on the SET at 25.25 baht, up 1.25 baht, in trade worth 517 million baht.
